Payments and e-commerce in the Dominican Republic

The e-commerce market in the Dominican Republic is projected to grow at a rate of 15% a year between 2022 and 2025 [1]. Seventy-seven percent of the adult population is connected to the Internet and over 80% of Dominicanos have an Internet-enabled smartphone. These high levels of financial and digital inclusion make market entry easier than it would otherwise be for overseas e-commerce merchants. But a mobile-first strategy is a must.

Just under 60% of the Dominican Republic’s adult population has a bank account. The country has a thriving fintech scene, which includes a number of payments companies [2]. To thrive in a country with such a relatively low rate of financial inclusion, e-commerce merchants must build payment localisation, including the support of cash-based payments, into their market strategy.

1. https://www.statista.com/outlook/dmo/ecommerce/dominican-republic
2. https://fintechnews.am/dominican-republic/47633/dominican-republic-sees-the-rise-of-a-thriving-fintech-sector